Renewable Energy company ACME Cleantech has signed a Memorandum of Understanding (MoU) to invest Rs 52,000 crore in setting up a hydrogen and ammonia plant with associated solar power unit in Mangaluru, the company said in a statement on Monday.
The Gurugram-based firm signed the MoU in presence of Karnataka Chief Minister Basavaraj Bommai. “The state government will provide all support and cooperation for speedy implementation of the project,” he said.
The MoU was signed by EV Ramana Reddy, additional chief secretary in the commerce and industries department, and Sandeep Kashyap, chief operating officer of ACME Cleantech Solutions.
Bommai was quoted as saying in the meeting, “It has been proved again that Karnataka is the most ideal destination for investments. Karnataka has been successful in drawing highest foreign direct investments among the states in the country. The FDI inflow during the last three quarters is testimony to this achievement.”
ACME Group has established a hydrogen-ammonia solar plant in Bikaner, Rajasthan, which produces 5 megawatts-peak of green hydrogen scalable to 10 MWp. The plant will help save about 4,400 tonnes of CO2 emissions per annum.
The firm has built a solar portfolio of over 6 gigawatts-peak and operates over 1.5 GWp of capacity with another 10 GWp under construction. These are spread across 13 states in India and Oman.